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When challenged about the deal’s use of Bitcoin, which is popular with organised criminals, she said: “I wouldn’t be involved in anything – I’m a Baroness in the House of Lords – if anything was dodgy.”

Sir Alistair Graham, form chairman of the Committee on Standards in Public Life, said it was “monstrously inappropriate” of her to plug the venture on TV.

Labour MP John Mann said: “Baroness Mone has abused her position. It is a grubby spectacle.”

Virtual currency Bitcoin emerged after the 2008 financial crisis. It allows people to bypass banks and traditional payment methods to buy goods and services.